Inchcape Plc (LON:INCH) is suspending its £150mln share buy-back programme as the car seller responds to the impacts of the Covid-19 coronavirus pandemic.
Buy-backs started last month and the company noted that to date it has spent around £25mln of the £150mln.
The company will today tell its broker to terminate the programme, effective at the end of 24 March. It is intended to be a temporary suspension.
“As reported at FY19 results in February, Inchcape plc has a strong balance sheet and remains committed to its disciplined capital allocation policy, but the board believes this is the right decision at this time,” Inchcape said.
It added: “Whilst trading since then has been broadly in-line with expectations, given the rapidly evolving global situation the board has decided to put on hold any forward guidance until such time that both the severity and duration of the Covid-19 impact on supply and demand becomes clearer.”